Starting My own Business and the Financial Pressure
I am now in my third month of running Mrs MummyPenny, this is exciting and I am enjoying it hugely but the part of earning not much money whilst I build my business is stressing me out somewhat so in my panic I turn to Money Dashboard for help. Read on for a review of the money dashboard app.
I have been given 2 very simple pieces of advice by a few people who have set up businesses of their own though that this to spend as little money as possible and maximise your income as quickly as possible. So I am trying my hardest to get ‘mates rates’ on all of these things cost set-up money, or I am researching online to get best deal going. Don’t buy anything for the business unless critical. My laptop died last week following the windows 10 installation, don’t do it!! This is an essential requirement for an internet based business! So far new laptop has cost me £500 and PC world will have earned £100 if they can manage to get the data from my dead old laptop.
My Rescue Remedy – Money Dashboard
Money Dashboard really helps me to get in control of the financial side of my personal and business life. To make life even easier they have just introduced an app. A really simple view of all your accounts all together in one place. This really helps me as I have 3 main accounts in 2 places. I have a First Direct sole account and joint account and also a Tesco credit card that gets paid off every month (for the tons of Clubcard vouchers I get every quarter;-)). Check out this Youtube clip for a great explanation of the app.
You log in securely and then hit refresh on your accounts. For Tesco this will prompt me to enter a verification code sent by Tesco, with First Direct I need to enter a unique security code from my First Direct app. Then I am in and all of the transaction data is updated. The transactions section is the bit I always go to first. I like to go back a couple of weeks to remind myself of big purchases to try to scare me into spending less. All my spending has a tagged category, for example Esso Broadwater – FUEL or Trussells Butchers – GROCERIES, Post office – POSTAGE/SHIPPING. This is brilliant for categorising my spend and really seeing what I am spending where.
There are certain categories that I am particularly interesting in monitoring, grocery spend and dining and drinking spend. So I have set up specific trackers for these to track month on month spend. The dashboard section gives a simple breakdown of all spend so far this month on the categories, versus last month. I can see so far this month I have spent £200 on groceries up to 9th Sept. But last month I spent £650 for the whole month. That seems excessive, must look into last month’s spend:-)
Blogging Material for Mrs Mummypenny 🙂
The other slightly unexpected benefit is that seeing all this information gives me great ideas for money saving blogs. I have always done internet food shopping with Tesco so I am going to try a few different supermarkets, Ocado, Sainsbury’s, Asda and test all their delivery services, and of course fully use all the discount vouchers available for a first internet shop;-) I am keen to test whom is the best and the cheapest for internet shopping. And it is really making me think about money spent on takeaways and dining out. We have been cutting back on the takeaways which let’s face it are unhealthy and expensive and save up for nice dining out treats instead.
Here are the links to the app for both Apple and Android. Please download it and take control of your budgets now:-)